Is a job created in Beijing a job lost in Dubuque?
The former chief economist at the ITC Peter Morici says the current relationship between the US economy and China's is an inverse one, specifically with regard to employment. The expanding Chinese job market in Tom Friedman's World-is-Flat economy is "cannabalizing the US Midwest" job market over the last few months and paving the way for stagflation.
The good news is that July's employment figures of about 22% less than expected growth (with the overall unemployment rate up by .2%) should poke the Fed to curb their ongoing hike in interest rates. In the IT field, as well as other service-area jobs like healthcare and restaurants, jobs were not in particularly short supply, but openings in manufacturing and equipment took a significant hit.
